TAE Secures $150M Funding from Google, Chevron for Fusion System

Today’s ESG Updates

• TAE Secures $150M for Fusion: Backed by Google and Chevron, TAE’s breakthrough in 70M°C plasma brings fusion power closer to commercial use
• Meta Signs 20-Year Nuclear Deal: Meta and Constellation partner for 1,121MW clean energy from Illinois
• ALTÉRRA Invests €50M in Solar: UAE’s climate fund backs 1.4GW solar pipeline in Italy, aiming to cut 380,000 tons of CO₂ annually
• Airlines Reaffirm Net-Zero by 2050: IATA sticks to climate targets despite increasing costs  and sustainable fuel supply concerns

TAE Technologies secures $150M from Google, Chevron and NEA to improve fusion energy system

TAE Technologies has acquired over $150M in the most recent funding round, which was backed by Google, Chevron and NEA. This round brings TAE’s total equity capital to over $13B, and it will contribute to the development of the world’s first commercial fusion power plant. TAE’s recent prototype, “Norm”, made a recent breakthrough which demonstrated stable plasma at over 70 million °C in a simplified device, making it a significant milestone for fusion readiness. The funding support also emphasises the long-standing partnership between Google and TAE, which has been in place since 2014, focusing on enhancing the effectiveness and efficiency of plasma performance. Moving forward, TAE intends to verify net energy capability in its Copernicus reactor before commercial deployment. 

***

Further reading: Google, Chevron Back $150 Million Raise for Nuclear Fusion Firm TAE Technologies

Meta and Constellation sign 20-year power deal with Clinton Clean Energy Centre

Meta and Constellation have partnered up with a 20-year power purchase agreement (PPA) to acquire 1,121 MW of carbon-free energy from the Clinton Clean Energy Centre in Illinois. The PPA is projected to begin in June 2027, and guarantees stable, emissions-free energy to drive Meta’s regional operations, aligning with their goals to match 100% of electricity use with clean energy. The agreement facilitates a 30 MW uprate and potential future expansions, including different reactors, at Clinton. Additionally, the agreement brings about various benefits to Illinois as 530+ direct jobs and 1,100 total local jobs will be retained, $13.5M in annual tax contributions will be maintained, 800,000+ homes on the local grid will be powered, and higher emissions and grid instability in the MISO Zone 4 will be avoided. Constellation will also contribute to the community with $1M in charitable giving over 5 years. 

***
Further reading: Meta and Constellation Secure 20-Year Nuclear Power Deal to Sustain Clinton Clean Energy Center

ALTÉRRA contributes €50M to Absolute Energy for solar development in Italy

ALTÉRRA, the UAE’s $30B climate investment vehicle, has contributed €50M to support Absolute Energy, a renewable energy platform in Italy. The co-investment was made in partnership with I Squared Capital and goes towards funding an initial 1.4GW pipeline of solar and battery storage projects. This project is estimated to reduce approximately  380,000 metric tons of carbon emissions annually, in combination with plans under consideration for a 6GW development pipeline. The co-investment aligns with Italy’s goals of adding 46GW in solar capacity by 2030 which targets the reduction of energy imports and accelerates decarbonisation. 

***

Further Reading: ALTÉRRA Commits €50M to Absolute Energy for 1.4GW Solar Buildout in Italy

_____________________________________________________________________________________ 

Airlines still targeting net zero emissions by 2050 amid industry doubts

The International Air Transport Association (IATA), which represents approximately 350 global airlines, has confirmed that the target of achieving net zero emissions by 2050 still stands strong. However, there are new doubts regarding the availability of greener fuels and new planes. Production delays have forced carriers to continue flying with older generation planes despite plans for new fuel-efficient jets to help with the decarbonisation drives. The aviation industry’s sustainability efforts also currently bank on plant-based sustainable aviation fuels, but carriers are urging government and energy firms to take more action due to existing supplies only covering a fraction of airlines’ fuel needs. Furthermore, meeting the target will cost carriers $174B annually, likely resulting in higher fares. The industry has been under scrutiny from environmental groups and regulators, but recent economic and political tensions have placed even more pressure on the aviation sector to responsibly manage its emissions.  

***

Further reading: Airlines stick to net zero target despite green fuel doubts

Editor’s Note: The opinions expressed here by the authors are their own, not those of impakter.com — In the cover photo: Image of Google search engine, Sep. 14, 2022. Cover Photo Credit:  Sarah B